We seem to have gotten the double zigzag as I predicted, although the correction didn't reach the .500 to .618 fib. I'm pretty confident in my placement of the orange (subminuette) labels 1 and 2 because the correction went right to the extreme of the 4th wave of one lesser degree. We should now be entering wave 3 orange of wave 3 green of wave 1 pink of wave c blue of wave 5 black of Primary wave 1 (burgandy). Wave 1 orange was 315.8 pips long. 315.8 pips x 1.618 (a common fib relationship of wave 1 & 3) = 511 pips. My preferred target for wave 3 orange is therefore 1.3061, which is 511 pips below the 1.35719 extreme of wave 2 orange. The eventual target zone for wave 5 black is under 1.2. Movement below 1.343 will further confirm the count.
FYI: The remote potential still exists that this recent swift downward move is an X wave, with another upward zigzag to follow, which would complete a rare triple zigzag. Regardless, the upward price action since the Feb 14 low of 1.34299 appears more corrective than impulsive. If this correction extends, I don't expect the Euro to move above 1.37457 before resuming its downward journey.
